Ellenbarrie Industrial Gases IPO Day 1 Live: Check GMP, issue details, key dates. Should you apply or not?
The initial public offering of Ellenbarrie Industrial Gases opens for public subscription today (Tuesday, June 24), and conclude on Thursday, June 26. Ahead of IPO, Ellenbarrie Industrial Gases raised ₹ 256 crore from anchor investors.
Ellenbarrie Industrial Gases IPO price band has been fixed in the range of ₹ 380 to ₹ 400 per equity share of the face value of ₹ 2. Ellenbarrie Industrial Gases IPO lot size is 37 equity shares and in multiples of 37 equity shares thereafter.
Ellenbarrie Industrial Gases has allocated 50% of the shares in its public offering for qualified institutional buyers (QIB), 15% for non-institutional investors (NII), and 35% of the issue for retail investors.
The tentative basis for the allotment of shares for the Ellenbarrie Industrial Gases IPO will be determined on Friday, June 27, and the company will start the refund process on Monday, June 30, with shares being credited to the demat accounts of allottees on the same day following the refunds.
The share price of Ellenbarrie Industrial Gases is expected to be listed on the BSE and NSE on Tuesday, July 1.
Ellenbarrie Industrial Gases is an Indian company dedicated to the production and distribution of industrial, medical, and specialty gases. The company provides essential gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon, and nitrous oxide.
Subscription for the public issue will open at 10:00 IST during Tuesday's deals.
Ellenbarrie Industrial Gases is noted by SBICAP Securities for its significant role as a supplier of industrial gases in East and South India, supporting the growth of manufacturing centers in those areas. The company retains ownership of the cylinders and equipment installed at customer sites, creating a robust barrier to entry for competitors. The inclusion of a take-or-pay clause in its supply contracts ensures consistent revenue and mitigates risks related to customers' business cycles.
Ellenbarrie Industrial Gases is also experiencing an upward trend in its margin profile, driven by an increasing share of higher-margin Argon gas and onsite projects. Utilizing proceeds from the IPO for debt repayment will decrease interest costs. This, together with the expansion of capacity in 2HFY26, is expected to enhance profitability in FY26 and FY27. At the maximum price of ₹ 400, the stock is projected to trade at a multiple of 67.7x FY25 EPS after the issue, which is lower than that of its peer Linde India. The brokerage advises investors to subscribe to the issue at the cutoff price.
The IPO comprises a new issue estimated at ₹ 400 crore, in addition to an offer-for-sale (OFS) of 1.44 crore shares by promoters Padam Kumar Agarwala and Varun Agarwal. At the upper limit of the price range, the OFS is expected to be approximately ₹ 577 crore, making the total value of the issue close to ₹ 977 crore.
The company plans to allocate ₹ 210 crore from the fresh issue proceeds to pay down debt, while ₹ 104.5 crore is designated for setting up a 220 TPD air separation unit at its Uluberia-II facility. As of April 2025, Ellenbarrie's total outstanding debt stood at ₹ 264.2 crore.
Motilal Oswal Investment Advisors Limited, IIFL Capital Services Limited, and Jm Financial Limited are the lead managers for the Ellenbarrie Industrial Gases IPO, with Kfin Technologies Limited serving as the registrar for this offering.
Ellenbarrie Industrial Gases IPO GMP today is +7. This indicates Ellenbarrie Industrial Gases share price was trading at a premium of ₹ 7 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ellenbarrie Industrial Gases share price is indicated at ₹ 407 apiece, which is 1.75% higher than the IPO price of ₹ 400.
Following the grey market activities from the past 12 sessions, the current IPO GMP is showing an upward trend and is anticipated to have a robust listing. The minimum GMP is ₹ 0.00, whereas the maximum GMP is ₹ 12, as stated by experts from investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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